MIRA INFORM REPORT

Report No. :	301762
Report Date :	08.01.2015

IDENTIFICATION DETAILS

Name :	INVENTIA HEALTHCARE PRIVATE LIMITED (w.e.f. 16.03.2009)
Formerly Known As :	THEMIS LABORATORIES PRIVATE LIMITED ANKUR PHARMACEUTICALS PRIVATE LIMITED
Registered Office :	Unit 703 and 704, 7^th Floor, Hub Town Solaris, N S Phadke Marg, Andheri (East), Mumbai - 400069, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	27.09.1985
Com. Reg. No.:	11-037597
Capital Investment / Paid-up Capital :	Rs.78.330 Millions
CIN No.: [Company Identification No.]	U24239MH1985PTC037597
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMT07689D
PAN No.: [Permanent Account No.]	AABCT5371R
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Formulations.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 3700000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There seems sharp dip in the profit of the company during FY 2014 however, net worth of the company is satisfactory. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB+
Rating Explanation	Moderate degree of safety and it carry moderate credit risk
Date	11.08.2014

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

LOCATIONS

Registered Office / Corporate Office :	Unit 703 and 704, 7^th Floor, Hub Town Solaris, N S Phadke Marg, Andheri (East), Mumbai-400069, Maharashtra, India
Tel. No.:	91-22-67163200 / 67163300
Mobile No.:	91-9323802289 (Mr. Yogendra)
Fax No.:	91-22-67163300 / 67163100
E-Mail :	hitesh.dave@inventiahealthcare.com rupa.desai@inventiahealthcare.com hemendra.shah@themislabs.com gopinath.nayak@themislabs.com ankur.shah@themislabs.com
Website :	http://www.inventiahealthcare.com
Factory :	F1-F1/1, Additional Ambernath, M.I.D.C., Ambernath (East)- 421506, District Thane, Maharashtra, India
Tel. No.:	91-251-2625700
Fax No.:	91-251-2625800
Thane Office :	A-215, Road No. 30, Wagle Industrial Estate, Thane – 400604, Maharashtra, India
Tel No.:	91-22-67173600
Fax No.:	91-22-67163700
R&D Center :	A-214, Road No.30, Wagle Industrial Estate, Thane – 400604, Maharashtra, India
Tel No.:	91-22-67163400
Fax No.:	91-22-67163500

DIRECTORS

As on 13.06.2014

Name :

Mr. Janak Ramanlal Shah

Designation :

Managing Director

Address :

30, Saujanya, Vallabh Nagar Society, N S Road No. 3, JVPD Scheme, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

19.11.1947

Date of Appointment :

01.11.1991

Din No.:

00019819

PAN No.:

AACPJ4006B

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24230MH1986PTC039331	OROS LABS PRIVATE LIMITED	Managing director	25-03-86	25-03-86	18-04-09	Active	NO
2	U24239MH1985PTC037597	INVENTIA HEALTHCARE PRIVATE LIMITED	Managing director	01-11-91	01-11-91	-	Active	NO
3	U33119MH2007PTC174238	JOVIS CLINICAL RESEARCH PRIVATE LIMITED	Director	18-09-07	18-09-07	10-12-07	Active	NO

Name :

Mrs. Maya Janak Shah

Designation :

Whole-time Director

Address :

30, Saujanya, Vallabh Nagar Society, N S Road No. 3, JVPD Scheme, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

08.04.1950

Date of Appointment :

27.09.1985

Din No.:

00019904

PAN No.:

AANPS8887N

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24239MH1985PTC037597	INVENTIA HEALTHCARE PRIVATE LIMITED	Whole-time director	27-09-85	27-09-85	-	Active	NO
2	U24230MH1986PTC039331	OROS LABS PRIVATE LIMITED	Whole-time director	25-03-86	25-03-86	18-04-09	Active	NO

Name :

Mr. Ankur Janak Shah

Designation :

Director

Address :

30, Saujanya, Vallabh Nagar Society, N S Road No. 3, JVPD Scheme, Vile Parle (West), Mumbai-400056, Maharashtra, India

Date of Birth/Age :

227.10.1977

Date of Appointment :

29.05.2009

Din No.:

01656781

PAN No.:

AALPS9153R

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U33119MH2007PTC174238	JOVIS CLINICAL RESEARCH PRIVATE LIMITED	Director	18-09-07	18-09-07	10-12-07	Active	NO
2	U24239MH1985PTC037597	INVENTIA HEALTHCARE PRIVATE LIMITED	Director	29-05-09	04-07-08	-	Active	NO
3	U73100MH2012PTC234798	INVENGENE BIOSCIENCES PRIVATE LIMITED	Whole-time director	22-08-12	22-08-12	-	Active	NO

Name :

Mr. Bharat Bakhshi

Designation :

Nominee Director

Address :

C-6, Meghdoot, 536 Linking Road, Khar, Mumbai-400052, Maharashtra, India

Date of Birth/Age :

05.09.1968

Date of Appointment :

04.07.2008

Din No.:

01381524

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U34103HR1986PLC024875	BAJAJ MOTORS LIMITED	Director	22-09-07	28-03-07	-	Active	NO
2	L24231UP1979PLC004837	COMMERCIAL ENGINEERS AND BODY BUILDERS CO LIMITED	Nominee director	29-09-07	01-08-07	10-08-11	Active	NO
3	U31300TN2003PLC051135	SARAVANA GLOBAL ENERGY LIMITED	Nominee director	20-02-08	20-02-08	-	Active	NO
4	U24239MH1985PTC037597	INVENTIA HEALTHCARE PRIVATE LIMITED	Nominee director	04-07-08	04-07-08	-	Active	NO
5	U72900TN1979PLC007991	KGS ENGINEERING LIMITED	Additional director	31-03-09	31-03-09	07-05-10	Active	NO
6	U74899DL1995PTC073510	JACOB BALLAS CAPITAL INDIA PRIVATE LIMITED	Alternate director	06-12-10	06-12-10	07-12-10	Active	NO

Name :

Mr. Prabuddha Ganguli

Designation :

Independent Director

Address :

201, Sunview Heights, 262, Sher E Punjab, Andheri (East), Mumbai-400093, Maharashtra, India

Date of Birth/Age :

23.06.1948

Date of Appointment :

04.06.2010

Din No.:

03091961

KEY EXECUTIVES

Name :	Ms. Rupa D. Desai
Designation :	Company Secretary
Address :	Flat No. 1, Archana CHS Tagore Road, Santacruz (West), Mumbai-400054, Maharashtra, India
Date of Birth/Age :	02.04.1972
Date of Appointment :	19.07.2010
Pan No.:	ADKPR1935N
Name :	Mr. Yogendra
Designation :	Sales Executive

MAJOR SHAREHOLDERS

As on 13.06.2014

Names of Shareholders	No. of Shares
Janak Ramanlal Shah	3254350
Maya Janak Shah	2720650
Vishal Janak Shah	12000
Gaurang Hasmukhlal Thanawala	100
Daksha Gaurang Thanawala	100
Sachi Gaurang Thanawala	100
Dwiti Gaurang Thanawala	100
Varun Gaurang Thanawala	100
Nylim Jacob Ballas India Fund III LLC, Mauritius	1833000
Ankur J Shah	12500
TOTAL	7833000

As on 13.06.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	23.40
Directors or relatives of Directors	76.60
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Formulations.

Products :

Description of product or service category	ITC Code
Pharmaceutical Products and Formulations	30044020

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Countries :

• Brazil
• Taiwan

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Available

Bankers :

• The Hong Kong and Shanghai Banking Corporation Limited, 52/60, Mahatma Gandhi Road, Fort, Mumbai-400001, Maharashtra, India
• The Saraswat Co-operative Bank Limited, Juhu Branch, Juhu, Mumbai-400049, Maharashtra, India
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

SECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2014	As on 31.03.2013
Long-term borrowings
Rupee term loans from banks	51.551	100.972
Foreign currency term loans from banks	129.374	0.000
Short-term borrowings
Term loans from banks	49.953	84.169
Other loans and advances, others	25.523	12.993
Total	256.401	198.134

Banking Relations :	---
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	14^th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai-400028, Maharashtra, India
PAN No.:	AABFS3421N
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

As on 13.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7833000	Equity Shares	Rs.10/- each	Rs.78.330 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	78.330	78.330	78.330
(b) Reserves & Surplus	1249.133	1241.015	1199.550
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1327.463	1319.345	1277.880
(3) Non-Current Liabilities
(a) long-term borrowings	180.925	100.972	100.859
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	16.028	5.997	6.426
Total Non-current Liabilities (3)	196.953	106.969	107.285
(4) Current Liabilities
(a) Short term borrowings	75.476	97.162	106.077
(b) Trade payables	232.742	214.482	166.935
(c) Other current liabilities	103.236	98.807	57.873
(d) Short-term provisions	4.853	24.530	2.564
Total Current Liabilities (4)	416.307	434.981	333.449
TOTAL	1940.723	1861.295	1718.614
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1125.269	1107.683	1151.589
(ii) Intangible Assets	14.325	23.418	34.643
(iii) Capital work-in-progress	0.587	5.995	0.000
(iv) Intangible assets under development	248.719	156.934	87.218
(b) Non-current Investments	0.025	0.025	0.025
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	42.391	58.692	17.020
(e) Other Non-current assets	4.409	3.167	0.000
Total Non-Current Assets	1435.725	1355.914	1290.495
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	204.263	207.503	160.403
(c) Trade receivables	231.047	203.095	195.873
(d) Cash and cash equivalents	9.802	1.000	4.668
(e) Short-term loans and advances	58.708	93.783	67.087
(f) Other current assets	1.178	0.000	0.088
Total Current Assets	504.998	505.381	428.119
TOTAL	1940.723	1861.295	1718.614

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income		1688.705	1422.617
		Other Income		14.621	15.971
		TOTAL	1825.964	1703.326	1438.588
Less	EXPENSES
		TOTAL	1695.615	1527.981	1339.433
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		130.349	175.345	99.155
Less/ Add	DEPRECIATION/ AMORTISATION		107.723	100.521	94.955
	PROFIT / (LOSS) BEFORE TAX		16.012	74.824	4.200
Less	TAX		5.603	15.03	0.793
	PROFIT / (LOSS) AFTER TAX		10.409	59.794	3.407
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		212.413	176.947	173.540
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	6.000	0.000
		Dividend	1.958	15.666	0.000
		Tax on Dividend	0.333	2.662	0.000
	BALANCE CARRIED TO THE B/S		220.531	212.413	176.947
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	546.817	390.413	315.349
		Other Earnings	26.772	33.027	4.183
	TOTAL EARNINGS		573.589	423.440	319.532
	IMPORTS
		Raw Materials	41.184	4.305	4.703
		Stores & Spares	80.686	0.490	0.083
		Capital Goods	0.000	2.071	2.762
	TOTAL IMPORTS		121.87	6.866	7.548
	Earnings / (Loss) Per Share (Rs.)		1.33	7.63	0.43

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	NA	3.54	0.24
Operating Profit Margin (PBIDT/Sales)	(%)	NA	10.38	6.97
Return on Total Assets (PBT/Total Assets}	(%)	0.95	4.41	0.26
Return on Investment (ROI) (PBT/Networth)		0.01	0.06	0.00
Debt Equity Ratio (Total Debt /Networth)		0.19	0.15	0.16
Current Ratio (Current Asset/Current Liability)		1.21	1.16	1.28

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	78.330	78.330	78.330
Reserves & Surplus	1199.550	1241.015	1249.133
Net worth	1277.880	1319.345	1327.463
long-term borrowings	100.859	100.972	180.925
Short term borrowings	106.077	97.162	75.476
Total borrowings	206.936	198.134	256.401
Debt/Equity ratio	0.162	0.150	0.193

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1438.588	1703.326	1825.964
		18.403	7.200

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1438.588	1703.326	1825.964
Profit	3.407	59.794	10.409
	0.24%	3.51%	0.57%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

The registered office of the company has been shifted from Unit S-4 Khira Industrial Premises Co-Operative Society Limited, B. M. Bhargava Road Santacruz (West), Mumbai-400054, Maharashtra, India to Present Address w.e.f. 01.12.2012

CORPORATE INFORMATION

Subject incorporated in 1985 is engaged in the manufacturing of pharmaceuticals formulations with focus developing value-added (Novel Drug Delivery Systems) single ingredients and novel combination products in the solid oral dosage forms.

BUSINESS DEVELOPMENT, OPERATIONS AND OUTLOOK:

Domestic Markets

During the year, the Company achieved domestic sales of Rs.1036.600 Millions for FY 13-14 vs Rs. 1088.600 Millions for FY 12-13. The dip in growth is primarily attributed to loss of sales on account of existing products taken in house (Rs 89.300 Millions); delay in approval of new product due to regulatory hurdles and some new product launches getting delayed by clients. The company was able to launch three new products this year. The

Company is focused on expediting regulatory approvals for new products in the pipeline for next year. The plan for next year is to get 12 new products commercialized and target Rs. 1037.800 Millions for FY 14-15.

Exports

The Company achieved an overall increase of 45% in export sales amounting to Rs 625.800 Millions as compared to Rs. 432.300 Millions during the previous year. The company plans an increase of approximately 40% in export sales for FY 2014-15 amounting to Rs.895.000 Millions. 70% of the total export sales (Rs. 627.800 Millions) will come from the ROW markets and rest (Rs. 2672 Millions) from the US market.

US Market

During the year, the company achieved sales of Rs. 3.900 Millions. This was attributed to Metformin getting commercialized in the US market. The company has targeted sales of Rs. 2671 Millions for FY 14-15 which is attributed to commercialization of 2 additional products - Duloxetine and Venlafaxine.

During the year, the company was able to file four more ANDAs in the year for Darifenacin Extended Release Tablet, Lansoprazole Delayed Release Capsule, Metoprolol Suucinate Extended Release Tablets and Telmisartan + Hydrochlorthiazide Tablet. This brings the total number of ANDAs filed to date to ten. Business arrangements are in place for all the ANDAs filed to date. During the year, the Company executed 2 terms sheets (Alkem for Telmisartan + Hydrochlorthiazide and G&W for Lansoprazole for US market) and 2 definitive agreement (Darifenacin with Osmotica and Metformin with Alkem). The Company received milestone payments totaling USD 466,333. Majority of the milestone income was linked to filing and acceptance of Telmisartan and Darifenacin ANDAs. The company plans on receiving milestone payments totaling USD 16,70,000 for FY 14-15. This is mainly liked to commercialization of Duloxetine ANDA; execution of definitive agreement of Paroxetine, Cyclobenzaprine and Vilazodone ANDAs; and dossier filing for Lansoprazole, Iloperidone, Rosuvastatin and Olmesartan ANDAs.

The Company plans to complete filing of majority of 9 additional ANDAs during the next year. The Company has initiated work on a new set of projects for the next year for US.

Semi-Regulated Markets

The company registered sales of Rs. 621.900 Millions for semi regulated markets this year, a growth of 44% over last years sales of Rs. 432.300 Millions. This growth is primarily on account of more products getting commercialized, growth of existing products in South East Asia and LATAM markets. The company has targeted sales of Rs. 627.800 Millions for FY 14-15.

Part of the growth in export sales in FY 13-14 was attributed to semi finished products (Rs 318.300 Millions increasing to Rs 461.700 Millions) on account of significant growth in Brazil, Mexico & Pakistan. There was a significant increase in uptake of Venlafexine from clients from both Brazil and Mexico. The company has targeted export sales of Rs. 401.600 Millions for semi finished formulations in FY 14-15. The reduction in projections for FY 14-15 is primarily due to reduction in sales projections of Venlafaxine from Brazil and Mexico. Some of the increased uptake from both of these markets was of a onetime nature which may not be repeated in FY 14-15.

The export sales for finished formulations grew 50% from Rs 113.600 Millions to Rs 171.100 Millions on account of growth of existing products and commercialization of new products in South East Asian markets and Latin American markets. 23 dossiers were registered in South East Asian markets for the yaer; 12 new products were commercialized for the year and 23 new products are expected to get commercialized in FY 14-15. 31 dossiers were registered in Latin America and French West Africa for the year, with 13 products getting commercialized. Commercialization of 50 products is expected in Latin America and French West Africa in FY 14-15.

Revenue

During the year, your Company has achieved gross revenue from operation Rs. 1826.000 Millions as compared to Rs. 1703.300 Millions during the previous year.

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10434417	11/06/2013	300,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B78544640
2	10423953	09/04/2013	300,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B74503897
3	10352838	25/04/2012	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B38634614
4	10335116	24/01/2012	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B31923873
5	10259042	23/12/2010	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B02155547
6	10258946	08/12/2010	100,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B01987684
7	10074659	21/02/2012 *	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B34532101
8	90241727	09/08/2010 *	200,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	A92445881

* Date of charge modification

FIXED ASSETS:

• Leasehold Land
• Plant and Machinery
• Office Equipments
• Vehicles
• Building

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.44
UK Pound	1	Rs. 95.98
Euro	1	Rs. 75.27

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--MARGINS	-5~5	4
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.